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Cadillac SRX Lease Questions

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  • delta737hdelta737h Posts: 603
    Here's the deal I nergotiated last week in KY for a 2012 Cadillac SRX AWD 4Dr Wagon Luxury

    MSRP 2012 Cadillac SRX AWD 4Dr Wagon Luxury…….………… 44,035.00

    Agreed Upon Value………………………………………………………….…… 41,295.71

    Ally Bank Acquisition Fee……………………………………………………… 395.00
    License/Title Fees……….………………………………..…………………….. 139.00

    Gross Capitalized Cost…………………………………………….……… 42,010.90
    Capitalized Cost Reduction (Ally Bank Cash Incentive)… 1,765.00
    Adjusted Capitalized Cost……………………………………………… 40,064.71

    Residual Factor…………………………..…………………….…………. 0.49
    Residual Value (Residual Factor × MSRP)……….…….….… 21,577.15

    Ally Preferred Bank Rate (Base Rate)…………..……….…… 1.00%
    Term (months)……………………………………………….………… 39

    Base Monthly Lease Payment…….……….…………….…….… 500.00
    KY U-Drive-It Tax @6.00%....………………………..……….. 30.00
    Total Monthly Lease Payment…………………………………. 530.00

    Charges Payable at Lease Origination
    1st. Month’s Lease Payment…………………………...…….. 530.00
    Tax @ 6.00% on $1,765 Cap Cost Reduction………. 105.90
    Amount Due at Lease Signing…………………………..…..… 635.90

    Fund Provider: Ally Bank
    Security Deposit: None
    GAP Coverage: Included
    Annual Mileage Allowance: 10k
    Disposition Fee: None
    Purchase Option Fee: $2,500.00
    Excess Mileage Charge: $0.25 per mile
    Reg. M Disclosure: NA

    John
    The AutoLeaseGeek
  • rstu72rstu72 Posts: 1
    edited May 2012
    Hello, I am negotiating a 39 month lease with 12K miles per year and would like to know the current interest rate, residual and rebates for a SRX Luxury FWD. Thanks.
  • pnamepname Posts: 1
    Hi, I'm thinking about taking over an existing lease, and based on the following info I wanted to get Car_Man's and others opinion on whether it would be a good decision. Obviously the main reason I'm interested is that there would be no money down, I would just take over the remaining payments:

    2011 Cadillac SRX - AWD Premium Collection (est. MSRP $51,000, unsure of the sale price)
    26 Months Remaining on Lease
    32,400 Miles Remaining [1,246 miles per month]
    Op. Lease End Buyout: $24,500
    Monthly Payment - $602.97 [with $1,000 seller incentive, original lease payment is $641.43]

    Anything else I need to be aware of in taking over a lease? Thanks alot.
  • OK, was thinking about a lease on a 2012 SRX. I negotiate what I think is a decent price, MSRP of 53,265, sell price of 48,390, so I'm feeling halfway decent about it. Then I tell the sales person I want to look at lease numbers. He tells me he can't offer that same price for a lease, his manager syas he can't do it. I call bogus. Any opinions?
  • It gets better. I get a quote as follows:

    MSRP 53,265
    Price 52,000
    Residual 25,567 (48%)
    Other Capitalized Costs 1,765
    Program CCRA 1,765
    CASH DOWN 8,500
    Rate 2.2%
    Administrative Fee 795
    Monthly Payment 584.01
    No security deposit

    Wow, just wow...........................
  • delta737hdelta737h Posts: 603
    edited June 2012
    Always remember that every leased car is a sold car. This means that you must buy before you lease. What I mean is that selling price is not dependent on whether you buy or lease.

    The dealer really doesn't care which mode of financing you choose; buy or lease. So, do your homework (Edmunds, TrueCar, etc.) and establish a fair price first as it's the most important number in any lease transaction. It's what "drives" the deal so to speak.

    You may want to inform the dealer and kindly thank him for his time. Then, go find another dealer.

    Good luck!

    John
    The AutoLeaseGeek
  • stumc1stumc1 Posts: 12
    Greetings Carman,

    I received the following lease quote from a FL Cadillac dealer on June 2nd, 2012. It's for a 2012 SRX Performance with Chrome Wheel Package.

    Selling Price $45,700.00
    Discount $2,100.00
    Rebate $3,765.00
    Adjusted Price $39,835.00
    Phantom Footprint $149.00
    1 remaining lease pymnt $500.00
    Purchase Price $40,484.00

    Taxable Fees (Estimated) $450.50
    Rental Fee $60.00
    Doc Fee $599.00
    Tax $314.41
    Non Tax Fees $227.00
    Net Price $42,134.91

    The selling price doesn't seem too bad, although there's a lot of misc fees... I'm looking for a 36 month lease with 16,000 miles/yr. Here's what they quoted me.

    Cash down payment: $1,890.00
    36 month lease: $632/month
    39 month lease: $612/month

    Despite a decent net price, the monthly lease prices seem way high compared to what I'm seeing others get. Can you tell me what you think the monthly lease prices should be based on GM's June MF and Residual figures? Thanks for your help.
  • Thats what I thought. I was taken completely aback with the price change. I was working from the 48 number, then they counter with the 52. Needless to say, that deal s dead.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi infinitiluv. It looks as though you are being given a $2,365 discount on this truck. After taking the $1,765 cash incentive that is available on 36-month leases of it through Ally (I'm making an assumption about the term and bank, correct me if this is not correct), you're looking at a $600 dealer discount. In my opinion, that's not enough. Depending upon the specific dealer invoice of the exact truck that you want, you're still at around $1,500 to $2,000 over invoice. I personally would be looking to get an SRX for closer to $500 over if I was in an area that has a decent level of competition...$1,000 over max.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go rstu72.

    Ally's current base lease rate and residual value for a 39-month lease of a 2012 Cadillac SRX Luxury FWD with 12,000 miles per year are 1.0% and 49%, respectively.

    GM is currently providing a $1,765 cash incentive on 39-month leases of this truck through Ally.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You made the right call wherespete. I don't see any reason why the dealer couldn't offer you the same selling price on a leased SRX as they could on one that you were going to purchase. In fact, GM's cash incentives on leased SRX models are actually better than they are on purchased units.

    Combine this with the absurd lease quote that you mentioned in your next post and it sounds to me as though you should fine a new dealer to work with.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're right, stumc1, the selling price that you were quoted looks great. Let's work up a payment and see what we come up with.

    Using an MSRP $45,700 and a selling price of $42,134.91, I estimate that this truck would have a 36-month, 15,000 mile per year, zero down, pre-tax monthly payment of around $588.

    The payment for an otherwise identical 39-month lease would be $568.

    I used Ally's current base lease rate of 1.0% to calculate these payments. Ask the dealer what rate they used to calculate the payments that they quoted you. It's possible that they are attempting to mark your vehicle's rate up to pad your deal even further.

    As far as the fees that you mentioned go, what in the heck is Phantom Footprint? It sounds like some sort of VIN etching. Whatever it is, you don't need it. The $599 doc fee seems a little on the steep side as well, but you might not be able to get the dealer to waive that one. They could always discount the vehicle by another couple hundred dollars to help offset it if you want to try to haggle with them more.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • lue44lue44 Posts: 1
    We recently found a 2012 Cadillac SRX with a sticker of $44295 which we can purchase for $41499. We think we’d like to lease this rather than buy but unsure of the deal. The dealer gave us a $549/month for 36 months with $2043 down. The lease allowed 12K milers/yr. I see a recent promotion from GM for about the same vehicle for $399/month 30K miles for 36 months with $3499 down. The dealer didn’t really show where or how he arrived at the figure he quoted so I’m a bit apprehensive-thanks
  • Hi Car_Man,

    Can you please provide the June lease rate and residual for an SRX Base? Also, do you know if the additional 2k incentive is still being offered? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi maroontigre. Ally's current base lease rate and residual value for a 36-month lease of a 2012 Cadillac SRX Base with 15,000 miles per year are 1.0% and 49%, respectively.

    In June, there's a $1,765 cash incentive for leases of this truck through Ally. There's an additional $2,000 on top of that for consumers who are currently financing or leasing a Cadillac or leasing a non-General Motors vehicle.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Kirstie@EdmundsKirstie@Edmunds Posts: 10,676
    If you live in Southern California, have Ford Sync or Cadillac CUE, and can take a tv crew for a short ride Sunday afternoon or Monday morning, please email PR@edmunds.com by Saturday, June 23, 2012.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

  • aquaman2aquaman2 Posts: 5
    hi Carman

    I live in Southern California, for month of July, would you please provide the lease rate and residual for an SRX Base?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I'd be happy to aquaman2. Ally's July base lease rate and residual value for a 36-month lease of a base 2012 Cadillac SRX with 15,000 miles per year are 1.8% and 62%, respectively.

    I believe that General Motors is providing a $745 cash incentive on 36-month leases of this truck through Ally right now.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Do yourselves a favor and do not lease a vehicle from GMAC/ALLY. My wife and I bought a 2010 SRX - it has had some minor problems but ok overall. The main problem we have is that it is too small for us, so we decided to trade it in on a new vehicle. No can do.

    GMAC/ALLY punishes you for early termination and they punish you even more if you try to trade the vehicle instead of buying it. The dealer did not tell us about this and none of the other leases that we have had did this. We have had BMW, Audi, and a couple others. If we had known, we would have requested a different bank.

    Bottom line - they hold you hostage. We had paid the lease down to about $25,500. Ally wanted $32,000 to trade it in. If I bought it, then they ONLY wanted $28,000. I was told that if I didn't like the $32,000 price, then I could buy it for $28,000, pay the taxes and title fees, and then trade it in.

    What a joke.
  • clt322clt322 Posts: 1
    Hello,

    I've known that i want to get the Cadillac SRX for a while and i've been trying to hold out for the 2013 model because of the new navigation display and cue system in it. I heard from my dealership today that the 2013 model wouldn't be coming out until December though! :(

    2 questions:

    1. has anyone else heard that this December date is accurate?
    2. do you think the 2013 is worth the wait or should i get a steal on the 2012?

    Thanks!
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